Public Pensions

The changes made to Illinois public pension systems in Public Act (PA) 100-0023 (introduced as Senate Bill 42), the Budget Implementation Act, or BIMP, passed on July 6, 2017, and include two primary elements. First, the BIMP creates a new Tier 3 level of benefits for public sector workers.

Ever want to know what the average pension is for a state employee? What’s a funding ratio, and what are the funding ratios for the different pension funds? How much did benefit increases cost the pension systems?